The UK construction firm which built the Tate Modern has won the race to build the £400m first phase of the Battersea Power Station development.

Carillion was one of five firms, whittled down to three this month, battling to secure the lucrative deal which was confirmed through a London Stock Exchange announcement on Monday.

The construction company, based in Wolverhampton, saw off competitors from Laing O’Rourke and Brookfield after Lend Lease and Sir Robert McAlpine fell by the wayside.

Carillion has a strong history in the construction industry and has been responsible for a number of high-end developments including the Tate Modern, the Royal Opera House, Government Communications Headquarters (GCHQ) and the Yas Viceroy Abu Dhabi Hotel (below).

The first phase at Battersea Power Station, which will be managed by Turner & Townsend, is known as Circus West.

It will involve construction of a mix of 866 apartments with a blend of offices, shops, community and cultural spaces designed by Ian Simpson Architects and de Rijke Marsh Morgan.

The main block will vary in height from eight storeys at its southern end, rising to 18 storeys and then reducing to 12 storeys at its northern end - the second block will be eight storeys high.

Richard Howson, Carillion's chief executive, told Construction Enquirer: "This takes the total value of new orders and probable orders for Carillion in 2013 to some £2.6 billion and demonstrates the benefits of our strategy in construction services of focusing on national projects."

Carillion are due to start work on the site this summer and are scheduled for completion in 2016.

Rob Tincknell, chief executive of Battersea Power Station Development Company, told the same website: "This will be one of the largest construction contracts to be awarded in recent history and, on behalf of the Battersea Power Station shareholders, we are delighted it will go to an award-winning British firm."

The Battersea Power Station development will generate 15,000 new jobs, 3,500 new homes and restore of the power station.